The Nigerian equities market closed the second trading day of the week bullish, with investors continuing to exhibit a positive momentum in the capital market towards prominent stocks in the Industrial sector. The Nigerian Exchange Group All Share Index concluded the session at 65,669.29 points, marking a 1.65% increase from its previous value of 64,603.69 points.
This yet another impressive performance was primarily attributed to the buying interest activities witnessed in selected stocks. Notably, Dangote Cement (+9.27%), BUA Cement (+6.59%), Eterna (+9.94%), Okomu Oil (+2.16%), Transcorp Hilton Hotel (+10%), and Dangote Sugar (+0.55%). These stocks, along with 32 others, influenced investor sentiment positively.
Continuing the positive momentum, the Year to Date (YTD) return surged to an impressive 28.13%, while the market capitalization advanced by 165bps, reaching a total of N35,757.58 billion. Consequently, investors gained N580.23 billion.
We expect bullish sentiment to continue in the equities market.
Currency Market
In the I&E Window, the Nigerian Naira weakened by 5.96% against the US Dollar, reaching a closing rate of N788.42/USD.
